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Debt versus equity in development finance

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  • Lächler, Ulrich
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    Abstract

    This essay aims to provide a theoretical foundation for two widely debated issues in development economics. The first concerns a current controversy associated with the external indebtedness of developing countries. The second relates to a longer standing debate over the effects of foreign capital inflows on domestic savings and growth.

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    File URL: http://econstor.eu/bitstream/10419/47226/1/160593948.pdf
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    Bibliographic Info

    Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 248.

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    Date of creation: 1985
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    Handle: RePEc:kie:kieliw:248

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    Postal: Kiellinie 66, D-24105 Kiel
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    References

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    1. Joseph E. Stiglitz, 1973. "Incentives and Risk-Sharing in Sharecropping," Cowles Foundation Discussion Papers 353, Cowles Foundation for Research in Economics, Yale University.
    2. Griffin, Keith B & Enos, J L, 1970. "Foreign Assistance: Objectives and Consequences," Economic Development and Cultural Change, University of Chicago Press, vol. 18(3), pages 313-27, April.
    3. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    4. Allen, Franklin, 1983. "Credit Rationing and Payment Incentives," Review of Economic Studies, Wiley Blackwell, vol. 50(4), pages 639-46, October.
    5. Jeffrey Sachs & Daniel Cohen, 1982. "LDC Borrowing with Default Risk," NBER Working Papers 0925, National Bureau of Economic Research, Inc.
    6. Merton, Robert C, 1974. "On the Pricing of Corporate Debt: The Risk Structure of Interest Rates," Journal of Finance, American Finance Association, vol. 29(2), pages 449-70, May.
    7. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    8. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    9. Jagdish N. Bhagwati, 1978. "Anatomy and Consequences of Exchange Control Regimes," NBER Books, National Bureau of Economic Research, Inc, number bhag78-1.
    10. David Folkerts-Landau, 1985. "The Changing Role of International Bank Lending in Development Finance (L'évolution du rôle des crédits bancaires internationaux dans le financement du développement) (La nueva función ," IMF Staff Papers, Palgrave Macmillan, vol. 32(2), pages 317-363, June.
    11. Weisskopf, Thomas E., 1972. "The impact of foreign capital inflow on domestic savings in underdeveloped countries," Journal of International Economics, Elsevier, vol. 2(1), pages 25-38, February.
    12. Jaffee, Dwight M & Russell, Thomas, 1976. "Imperfect Information, Uncertainty, and Credit Rationing," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 651-66, November.
    13. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    14. Eaton, Jonathan & Gersovitz, Mark, 1981. "Debt with Potential Repudiation: Theoretical and Empirical Analysis," Review of Economic Studies, Wiley Blackwell, vol. 48(2), pages 289-309, April.
    15. Galai, Dan & Masulis, Ronald W., 1976. "The option pricing model and the risk factor of stock," Journal of Financial Economics, Elsevier, vol. 3(1-2), pages 53-81.
    16. Feder, Gershon & Regev, Uri, 1975. "International Loans, Direct Foreign Investment, and Optimal Capital Accumulation," The Economic Record, The Economic Society of Australia, vol. 51(135), pages 320-25, September.
    17. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    18. Donogh C. McDonald, 1982. "Debt Capacity and Developing Country Borrowing: A Survey of the Literature (Capacité d'endettement et emprunts des pays en développement: aperçu des études consacrées à cette question)," IMF Staff Papers, Palgrave Macmillan, vol. 29(4), pages 603-646, December.
    19. Joseph E. Stiglitz, 1972. "Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs," Bell Journal of Economics, The RAND Corporation, vol. 3(2), pages 458-482, Autumn.
    20. Papanek, Gustav F, 1972. "The Effect of Aid and other Resource Transfers on Savings and Growth in Less Developed Countries," Economic Journal, Royal Economic Society, vol. 82(327), pages 934-50, September.
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    Citations

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    Cited by:
    1. Schweickert, Rainer, 1989. "Government regulations, external financing, and economic performance: the case of Korea," Kiel Working Papers 352, Kiel Institute for the World Economy.
    2. Corsepius, Uwe, 1988. "Government regulations, external financing and economic performance: The case of Mexico," Kiel Working Papers 345, Kiel Institute for the World Economy.
    3. Corsepius, Uwe, 1988. "Government regulations, external financing, and economic performance: The case of Chile," Kiel Working Papers 336, Kiel Institute for the World Economy.
    4. Ulrich Lächler & Peter Nunnenkamp, 1987. "The effects of debt versus equity inflows on savings and growth in developing economies," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 123(4), pages 631-650, December.
    5. Nunnenkamp, Peter, 1989. "The structure of external financing in Malaysia: the policy framework for foreign direct investment and debt inflows," Kiel Working Papers 368, Kiel Institute for the World Economy.
    6. Nunnenkamp, Peter, 1989. "Bank lending to developing countries in the 1980s: an empirical test of major hypotheses on voluntary and involuntary lending," Kiel Working Papers 354, Kiel Institute for the World Economy.

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